GLOBAL - Northern Trust Corporation announced record net income for 2006, boosted by a strong fourth quarter, and 13% growth in assets under management to US$697bn.
Net income was up 14% on the previous year to a record $665.4m.
Commenting on the results, CEO William Osborn said: “Solid year over year revenue growth resulted in our eighth consecutive quarter of double-digit earnings per share growth. Client assets also grew at a double-digit rate, with assets under custody increasing 21% to $3.5trn and assets under management increasing 13% to $697bn.”
Corporate and Institutional Services assets under management totalled $562.5bn, a 12% increase from 2005. Fees from asset management in the fourth quarter grew 9% from the previous year to $67m.
According to the results statement, the December 31 adoption of a new accounting standard in the US for defined benefit pension plans reduced stockholders equity by $160m. The change required employers to recognise any previously unrecognised actuarial gains/losses and prior service costs, net of tax, in accumulated other comprehensive income.
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.